Events:
The company announces the Annual report 2021.
Comments:
Benefiting from the high-profile demeanor of the industry, the company's net profit after deducting non-profit increased significantly in 2021. In 2021, the company achieved 2.024 billion yuan in income, + 51.95% year-on-year, 729 million yuan in net profit, + 38.12% in the same period last year, and 398 million yuan in net profit, + 124.31% in the same period last year, which is mainly due to changes in the fair value of transactional financial assets. In 2021, the company's signal chain and power management chip sales were + 34.17% and + 18.03% respectively compared with the same period last year. Lack of core market, the company's products volume and price rise led to revenue growth.
The rise in prices has led to a substantial increase in gross profit margin, and the company's profitability has improved steadily. In 2021, the company's gross profit margin is 34.13%, year-on-year + 5.19pct; deducting non-return net profit rate is 19.65%, year-on-year + 6.34pct.
The price increase directly drives the gross profit margin of each product line of the company to rise. The gross profit margins of signal chains, non-volatile storage, power management chips and power devices were 42.54%, 37.53%, 42.49% and 24.18%, respectively, compared with + 7.98pct, + 8.53pct, + 10.29pct and + 6.66pct.
High-speed and high-precision ADC/DAC products are sold in small quantities, actively promoting the research and development of new signal chain products.
In 2021, the company continues to strengthen the research and development investment and market promotion of ADC/DAC products, the product application field continues to expand, and has achieved small batch sales in industrial control, medical imaging, power grid protection devices and other fields. The R & D projects of high-precision reference chips, AFE and other new products are progressing smoothly. With the continuous promotion of 5G communication technology, signal chain products such as ADC/DAC, as the core components of communication base stations, are expected to further improve their contribution to the company's revenue.
Power management chips have entered the car regulation market, and the fields of industrial control and automotive electronics continue to expand. In 2021, the company continues to expand to the high-end market, and more than half of the revenue from integrated circuit products comes from the pan-industrial market. Automotive specification-grade LDO and LED driver chips have been mass produced, and a number of power products have been received by automotive electronics customers, which are expected to be sold one after another in 2022. In addition, the company's IGBT products have been introduced into mass production in automobile ignition systems, on-board air conditioners and other terminals, and the first gauge-level EEPROM products have passed the verification and examination of vehicle regulations.
Profit Forecast: we estimate that the company's 2022 Universe 2023 Universe net profit in 2024 will be 579 Universe 73Compact, corresponding to the March 31 share price PE of 24-19-15, which is covered for the first time and given a "buy" rating.
Risk tips: OEM capacity is not as expected, customer expansion is not as expected, R & D is not as expected.